Title
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FP-20-12-19, Cove at West Port Phase 1A-1
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Requested Motion/Action
Department Making Request
recommendation
Community Development
Approve a Bond Release for the Final Plat of a residential subdivision named, Cove at West Port Phase 1A-1. The site contains 117.15? acres and is generally located north of Saddlewood Circle, south of Franklin Avenue, east of Crestwood Waterway and west of Powell Valley Drive, within the Murdock Village Community Redevelopment Area. Located in Commission District IV.
Quasi-Judicial
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Agenda Item Type
Consent
Budgeted Action:
No action needed.
Background (Why is this Action Necessary, and What Action will be accomplished)
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Background:
Forestar (USA) Real Estate Group, Inc. is requesting a bond release of the approved surety provided by XL Specialty Insurance Company under Bond Number US00101511SU20A in the amount of $61,419.60 for the completion of the improvements for Cove at West Port Phase 1A-1. The 42-lot residential subdivision was granted Final Plat approval by the Board of County Commissioners on October 26, 2021.
The applicant was originally granted approval of a Developer's Agreement and surety in the amount of $2,177,011.65 to ensure the completion of the infrastructure for the FP-19-11-15 Cove at West Port 1A plat. At time of the application for a replat, FP-20-12-19 Cove at West Port Phase 1A-1, and the First Amendment to the Developer's Agreement was recorded to replace the references to "Cove at West Port Phase 1A" with "Cove at West Port Phase 1A-1". A new surety was not required because the Engineer's Proposal Cost Estimate had not changed; however, a General Surety Rider was provided. The applicant requested a bond reduction and Second Amendment to the Developer's Agreement, which was approved on July 26, 2022, and recorded on August 15, 2022, to reduce the amount of the Security from $2,177,011.65 to $61,419.60, which was in place at time of this bond release request.
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